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Veritone Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Veritone, Inc. (NASDAQ: VERI) announced the granting of equity awards under its Inducement Grant Plan to four new employees. This includes options to purchase 189,942 shares of common stock and restricted stock units for 151,139 shares. The stock options have a ten-year term with an exercise price of $5.37 per share and vest over four years. The restricted stock units vest over a three or four-year period. Importantly, none of the new hires are executive officers. Veritone continues to strengthen its workforce as a leader in enterprise AI solutions, supporting various sectors with its aiWARE™ platform.
Positive
Granting of equity awards may enhance employee retention and motivation.
The stock options and restricted stock units strengthen workforce commitment.
Negative
None.
DENVER--(BUSINESS WIRE)--
Veritone, Inc. (NASDAQ: VERI), creator of aiWARE™, and a leader in enterprise AI software and services, today announced that its Board of Directors has granted equity awards under its Inducement Grant Plan to four new employees, as inducements material to them entering into employment with Veritone in accordance with Nasdaq Listing Rule 5635(c)(4).
These equity awards consist of (i) options to purchase an aggregate of 189,942 shares of Veritone’s common stock, and (ii) restricted stock units representing the right to receive upon vesting an aggregate of 151,139 shares of Veritone’s common stock.
The stock options granted have ten-year terms and exercise prices of $5.37 per share, equal to the closing stock price of Veritone’s common stock on the grant date. The stock options vest over a period of four years, with 25% of the shares underlying each stock option vesting on the first anniversary of the grant date and the remaining shares vesting in equal monthly installments thereafter, subject to the employee’s continuous employment with Veritone through the relevant vesting date.
The restricted stock units granted vest over a three or four-year period, in equal tranches on the anniversaries of the grant dates, in each case subject to the employee’s continuous employment with Veritone through the relevant vesting date. None of the new employees are executive officers of Veritone.
About Veritone
Veritone (NASDAQ: VERI) is a leader in enterprise artificial intelligence (AI) software and solutions. Serving organizations in both commercial and regulated sectors, Veritone’s software, services, and industry applications accelerate and maximize digital migration, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone’s hyper-expansive Enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. Through professional and managed services, as well as its robust partner ecosystem, Veritone develops and builds AI solutions that solve the problems of today and tomorrow.
Company:
Mike Zemetra Chief Financial Officer
Veritone, Inc. 310-428-8946
investors@veritone.com
IR Agency:
Stefan Norbom Prosek Partners 203-644-5475
snorbom@prosek.com
Source: Veritone, Inc.
FAQ
What is the recent equity award announcement by Veritone (VERI)?
Veritone (NASDAQ: VERI) has granted equity awards to four new employees, including options for 189,942 shares and restricted stock units for 151,139 shares.
What is the exercise price of Veritone's stock options?
The exercise price for Veritone's stock options is $5.37 per share.
How long is the vesting period for the stock options granted by Veritone?
The stock options vest over a period of four years, with 25% vesting on the first anniversary.
Are the newly awarded employees executive officers at Veritone?
No, none of the new employees receiving equity awards are executive officers of Veritone.
